This preview shows page 1. Sign up to view the full content.
Unformatted text preview: aysia ranked highly in terms of ease of accessing credit
and procedural ease of employing workers, it was behind on dimensions such as ease of starting a business
(it takes around 11 days, compared to 6 days in Hong Kong), dealing with construction permits (involves 25
procedures, compared with 13 in Republic of Korea) and registering property (it takes 144 days, compared
to 29 days in China). 104 Chapter 3
Enabling the Success of the ETP Exhibit 3-1 Malaysia ranks 23rd in the World Bank Doing Business 2010 Report 2010 Global ranking
2010 Global ranking
business Starting a
business Dealing with
contracts Singapore 1 4 2 16 1 13 New Zealand 2 1 5 3 26 10 Hong Kong 3 18 1 75 2 3 USA 4 8 25 12 18 8 UK 5 16 16 23 16 23 Thailand 12 55 13 6 12 24 Japan 15 91 45 54 17 20 Republic of
Korea 19 53 23 71 8 5 Malaysia 23 88 109 86 35 59 SOURCE: World Bank The Investing Across Borders 2010 Report echoed the message that Malaysia’s ease of doing business can be
improved, especially for foreign investors. It also found that Malaysia was behind Asian competitors like Singapore
and Republic of Korea, and even trailed ASEAN neighbours such as the Philippines, Vietnam and Indonesia in the
level of foreign equity ownership allowed in sectors such as banking, healthcare and telecommunications.
In light of the complexities the EPPs are facing, many of them have requested enablers that will improve the
business environment. These include: • Liberalisation
Examples include allowing foreign legal firms with expertise in Islamic finance to operate in Malaysia
(Financial Services) and removing equity ownership conditions for accessing product development
funds (Tourism); and • Ease of setup and operations Examples include streamlining licensing procedures to set up early childhood education centres (Education)
and further speeding up the processing time of approvals for healthcare facilities (Healthcare).
Beyond the EPPs, improving the business environment is an important way in which to achieve the
substantial increase in private investment in business opportunities and non-NKEA sectors required to
achieve the 2020 GNI targets (as described in Chapter 1). Specific ideas are contained in the Tenth Malaysia
Plan, which in turn draws on advice provided by the National Economic Advisory Council. These include
a comprehensive review of regulations, further liberalisation of the service sector, reduction in regulatory
costs for SMEs and a streamlined Government-to-business interface. Economic Transformation Programme 105
A Roadmap For Malaysia Comprehensive Review of Regulations
By 2015, the Government aims to make Malaysia one of the top 10 nations in the world for the ease of
doing business. To achieve this goal, the Government will begin with a comprehensive review of business
regulations, starting with regulations that impact the NKEAs. Regulations that contribute to improved
national outcomes will be retained, while redundant and outdated regulations will be eliminated. This
review will be led by Malaysia Productivity Corporation, which will be revamped...
View Full Document
This note was uploaded on 02/24/2014 for the course ACCOUNTING financial taught by Professor Alan during the Spring '14 term at Howard.
- Spring '14